Bitcoin managed to recover from the recent decline to $60,000, following Iran's attack on Israel, and most altcoins experienced similar surges.
Renowned analyst Benjamin Cowen stated that Bitcoin (BTC) is poised to maintain its dominance over altcoins in the near term. He analyzed the performance of Ethereum (ETH) against Bitcoin (ETH/BTC), which serves as a measure of altcoin strength.
Cowen noted that ETH/BTC appears to be nearing a bottom, but he predicts that Bitcoin Dominance (BTC.D) will continue to rise, potentially reaching 60%. He anticipates that many altcoins will experience significant declines against Bitcoin before this dominance peaks.
He mentioned that he anticipates Bitcoin’s dominance will reach 60% in the fourth quarter, suggesting that altcoin pairs against Bitcoin are likely to decline (currently, BTC.D is around 58%.)
Cowen also highlighted the $63,000 to $64,000 range, aligning with the 200-day moving average, as a crucial resistance level that Bitcoin must overcome to initiate a meaningful rally. Unfortunately, BTC couldn’t hold the $64,000 level after a brief surge, but still remains above $63,000.
He explained that if Bitcoin can break through the $63,000 to $64,000 range and set a higher high, it would increase the chances of ongoing growth in the fourth quarter.
Bitcoin is firmly trading above the $100,000 level, drawing renewed optimism from investors while also raising caution among analysts watching for potential turbulence ahead.
Metaplanet has stepped up its commitment to Bitcoin by securing $21.25 million through its latest bond offering, the company’s 14th in a series of ongoing capital raises tied to its aggressive crypto strategy.
Bitcoin has reached a major benchmark in its battle against traditional financial benchmarks, with its value relative to the S&P 500 hitting a record high of 17.725 on May 8.
A well-regarded crypto analyst believes that Bitcoin (BTC) could experience a final, explosive rally before the current market cycle concludes.